By Cristal Cody
Tupelo, Miss., Sept. 10 – Universal Health Services, Inc. priced $800 million of 2.65% 10-year senior secured notes (B1/BBB-/BBB-) on Thursday at a spread of Treasuries plus 200 basis points, according to a market source.
The notes were talked to print in the 225 bps area.
Bookrunners of the Rule 144A and Regulation S deal were BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC.
Proceeds will be used to redeem all of the company’s $700 million outstanding principal amount of 4.75% senior secured notes due 2022 on Sept. 28, to pay interest on the notes to the redemption date and for general corporate purposes.
The issuer is a provider of hospital and health care services based in King of Prussia, Pa.
| Issuer: | Universal Health Services, Inc.
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| Amount: | $800 million
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| Description: | Senior secured notes
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| Maturity: | Oct. 15, 2030
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| Bookrunners: | BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
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| Coupon: | 2.65%
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| Spread: | Treasuries plus 200 bps
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| Trade date: | Sept. 10
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| Ratings: | Moody’s: B1
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| S&P: BBB-
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| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 225 bps area
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